Term Loan

Apply for Term Loans

Abstract Capital Group – provides borrowers with a lump sum of cash upfront in exchange for specific borrowing terms. Borrowers agree to pay their lenders a fixed amount over a certain repayment schedule with either a fixed or floating interest rate.

Benefits of Term Loans

Quick Application

Unlike many other lenders, Abstract Capital Group applicants enjoy a simple, streamlined online application process, and know within 24-48 hours whether the loan has been approved.

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Lower Interest Rates

Term loans are available at lower interest rates than shorter-term loans. Interest rates for Abstract Capital Group loans are between 6% and 23% (with 8% to 25% APR) depending on the length of the loan

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Fast Approval

This option is faster than other forms of financing. Additionally, since a term loan is debt financing, it does not affect the interest of the equity shareholders, and keeps the company’s equity intact.

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Frequently Asked Questions

Business term loans are relatively straightforward loans that are granted in full upfront by the lender. They’re specifically offered to businesses, but are basically the same as other familiar term loans like car loans, mortgages, student loans, and many personal loans. The funds are usually made available in a few days to one week.

The loan is repaid, along with interest, in fixed monthly payments over an agreed-on period of time. Typically, short-term business loans are repaid over one to five years, and long-term business loans are repaid over five to 10 years.

Not all business term loans are the same, obviously. Loan amounts generally range anywhere from a few thousand dollars to several million. Your company’s revenue, length of time in operation, and your personal and/or business credit score are key factors in determining how much a lender is willing to offer and what the interest rate will be. The annual percentage rating (APR) usually starts around 6% and reaches up to 99%.

The funds acquired in a business term loan are most often applied to significant immediate expenses. These would be costs like equipment upgrades and purchases, a large inventory order, office renovations or expansions, new hires and associated payroll obligations, and business expansions.

These loans are primarily for businesses that have been profitably operating for at least several years. Repayment begins right away, so if you need more flexibility in this regard, another option like a business line of credit may be more appropriate. Also keep in mind that collateral may be required for a business term loan.

Banks and credit unions are the traditional lenders. They typically offer lower interest rates but have more strict qualification requirements than online lenders—the other option. Online lenders may offer more convenience and flexibility, such as even smaller or shorter-term loans. Application processes vary between lenders.

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